From July 1, a number of new rules will come into force that could affect your daily transactions, from the receipt of income tax and requesting a card to book tickets for train and using your credit card.
There is a schedule of the main changes that will affect taxpayers, banks’ customers and railway passengers throughout India:
Aadhaar now mandatory for new PAN card applications
Since July 1, the Central Council of Direct Taxes (CBDT) has made compulsory AADHAAR verification for all new PAN card applications. Until now, applicants could submit another government ID, such as a driving license or a birth certificate.
- Existing pelvic holders who have so far linked their pelvis with Aadhaar must be until 31 December.
- Failure to comply could result in Mr. deactivation, impact on tax submission and financial transactions.
AADHAAR Verification needed for tickets to Tatkal train
Reservations for Tatkal train tickets will now require Aadhaar verification. Indian railways also introduced new security measures for all ticket reservations.
In the relief of taxpayers from 31 July to 15 September, income tax has extended the deadline for filing an income tax (ITRS).
- The extension offers individuals for another 46 days to complete their administration.
- Experts recommend premature administration to avoid the technical defects at the last minute, which are common, as the deadline approaches.
Changes of Credit Card Fees and Services
Mistens including SBI, HDFC Bank and ICICI banks revise their terms, fees and services from 1 July.
Credit Card Changes SBI:
- The advantage for air accident insurance offered on cards such as SBI Elite and SBI Miles will be interrupted.
- A new method of calculating the minimum amount due (MAD) for monthly accounts will be introduced.
Revision of HDFC Bank Credit Card:
- 1% transaction fee (limited to £4 999) will apply to:
- Rental payments
- Online Playing spends £10,000
- Payment Payments for Public Services £50 000/month (except insurance)
- Loading digital wallets with more than £10,000 in one transaction
ICICI Bank Fees Increase:
- The first 5 ATM collections at ICICI ATMs remain free; Post it, and £23 fees apply.
- There are free limits on Neicici ATMs:
- 3 in the towns of the subway
- 5 in areas outside the metro
- Limit fees: £23 For withdrawals, £8.5 For questions about the balance/non -bank balance
International withdrawals from ATMs attract:
- £125 for a cash withdrawal
- £25 for non -financial transactions
- 3.5% of foreign currency markings
- FEES IMPS (online transfers) revised between £2.5 and £15 Based on the amount.
Cash deposit limits:
- The first 3 transactions in cash Recycler Machines (CRMS) FREE
- In addition: RS150 for a transaction
- Monthly cash deposits £1 Lakh attracts charges £150 or £3.5 per £1,000, depending on what is higher
Why does it matter
The aim of these changes is to tighten compliance with regulations, streamline digital services and cope with the best security procedures. However, they can also bring additional costs and inconvenience for consumers who are not prepared.
(Tagstotranslate) Financial changes from July 1
